Blue-state Democrats have been fighting since 2017 to repeal a key provision of President Trump’s tax plan that penalized high-cost California filers.
The so-called SALT tax cap imposed a $10,000 limit on IRS deductions for state and local taxes like income and capital gains levies and property taxes.
“All deductions, including the one for state and local taxes, are based on the fact that people should not be taxed on money that they don’t have to spend,” Porter said in a phone interview. The House-passed Build Back Better economic package includes a provision to raise the cap to $80,000 through 2030.
Supporters of the tax cap saw the SALT deductions as a federal subsidy for high-tax states, at the expense of states like Texas and Florida that don’t levy income taxes. A recent Heritage Foundation report argued the deduction is unwarranted because residents benefit from the state and local government services their taxes fund.
The Washington-based Institute on Taxation and Economic Policy recently estimated the SALT cap will cost U.S. taxpayers nearly $101 billion more this year, with $33.5 billion of that coming from California taxpayers.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Porter-backed bill seeks to restore SALT deductions capped under 2017 tax actRep. Katie Porter, D-Irvine, co-sponsored the latest effort to roll back a provision of the Trump tax plan.
Baca lebih lajut »
North Korea tested its first ICBM since 2017
Baca lebih lajut »
HPD releases video of suspected gunman in 2017 deadly shooting outside local nightclubThe Houston Police Department released surveillance video of a suspect wanted for the fatal shooting of a man and injuring another at a southwest Houston nightclub in 2017.
Baca lebih lajut »
Watch Father John Misty Perform New Single 'Goodbye Mr. Blue' on 'Colbert'Father John Misty appeared on The Late Show to showcase his latest song, “Goodbye Mr. Blue'
Baca lebih lajut »
Florence + The Machine Announce New Album Dance Fever, Share Album Art and New Single.florencemachine's new album is coming in May. Listen to the latest single, 'My Love':
Baca lebih lajut »
Coronavirus: L.A. County reported 1,372 new cases and 40 new deaths, March 10Los Angeles County public health officials reported 1,372 new cases of the coronavirus, bringing the total number of cases to 2,808,409 as of Thursday, March 10. Officials reported 40 more deaths l…
Baca lebih lajut »